By Binta Jaiteh
The Central Bank of The Gambia has said remittance volumes in 2021 increased to an unprecedented level of $773.7 million from $589.81 million in 2020, adding that the Diaspora contributed 62.9% of the country’s Growth Domestic Product (GDP) in 2021.
Dr Saikou Jabbi, deputy governor of the Central Bank said: “despite the challenges of the coronavirus, Diaspora Gambians have not relented in supporting their families and enhancing the development aspirations of their motherland. During the year 2021, remittance volumes increased to an unprecedented level of $773.7 million from $589.81 million in 2020 recording an increase of 31.3%.”
He was speaking at the Migration and Sustainable Development in The Gambia (MSDG) Fifth Stake of the Nation Forum underway at the Sir Dawda Kairaba Jawara International Conference Centre.
He said: “the significant of this event cannot be overemphasized considering the importance of remittances to the balance of payment of The Gambia and its overall impact on the livelihood of average Gambians. Despite the challenges of the Coronavirus, Diaspora Gambians have not relented in supporting their failure and enhancing the development aspirants of their motherland.”
According to him, because of the high accuracy of the data both the IMF and World Bank now rely on Central Bank of The Gambia data as the authoritative data for analysis and reporting, adding that the CBG is also working on remittances with partners to disaggregate the data into building and construction, consumption, Education and Health, Agriculture among others to inform policy on the use of remittances.
“The 2021 remittance volumes equivalent to GMD40.65 billion, which represents 62 9% of GDP. Despite the global pandemic, the Central Bank of the Gambia has considerably improved its data recording methodologies by encouraging market operators to supply relevant data in respect to remittances. Because of the high accuracy of the data, both the IMF and World Bank now rely on Central Bank of the Gambia data as the authoritative data for analysis and reporting,” he added.
He said the Central Bank of The Gambia with partners is further working on remittances to disaggregate the data into building and construction, consumption, education, Health, Agriculture, among others to inform policy on the use of remittances.
